Money Makers podcast: 26 Jul 2025

In the latest edition of the podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Matt Hose, alternative assets analyst at Jeffries.

You can listen to this podcast in full on the audio player below. Alternatively, you can subscribe via our YouTube channel and most podcast platforms, including Apple Podcasts, Spotify, Amazon Music and Soundcloud. You can also find us listed on The AIC’s Podcast Directory. We are grateful to J.P. Morgan Asset Management, whose no-strings support enables us to keep the podcast free and our editorial integrity intact.

If you enjoy the Investment Trusts Podcast, you may also find value in joining The Money Makers Circle. This membership scheme offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the usual features, the Circle features a profile of Fidelity Special Values (FSV). Future profiles include Odyssean Investment Trust (OIT) and Gresham House Energy Storage (GRID). Subscribers can also still see Jonathan’s video looking at corporate activity in the investment trusts sector over the first half of 2025, courtesy of research from Deutsche Numis. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news, plus the week’s biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. A subscription costs £12 a month, or £120 for one year with a two week free trial.

288: Matt Hose


0:00:24 – Introduction
0:00:37 – General thoughts on the market
0:03:00 – A wake-up call from BBGI
0:03:54 – The funding of Sizewell C
0:05:33 – The water industry
0:07:35 – Renewables
0:11:17 – Corporate activity
0:15:45 – A short break
0:16:51 – Solar trusts
0:21:32 – Discount levels
0:27:35 – Digital infrastructure
0:30:16 – Overall thoughts looking ahead
0:32:14 – Close
Recorded on 24 July 2025.
About Money Makers

We are an editorially independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our nearly 290 podcasts in the over five years since launch.

Disclosures about the editor’s holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

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Money Makers podcast: 08 Feb 2025

In the latest editions of the Money Makers investment trust podcast released this week, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jonathan Simpson-Dent, chairman of Edinburgh Worldwide (EWI), one of the seven trusts targeted by Saba Capital; and Matt Hose, alternative assets analyst at Jeffries.

You can listen to these podcasts in full on the audio players below. Alternatively, you can subscribe via our YouTube channel, and at most podcast platforms including Apple Podcasts, Spotify, and Soundcloud; and you can find us listed on The AIC’s Podcast Directory. We are grateful to J.P. Morgan Asset Management, whose no-strings support enables us to keep the podcast free and our editorial integrity intact.

If you enjoy the Investment Trusts Podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the usual features, the Circle features a profile of Scottish Oriental Smaller Companies (SST). Future profiles include Personal Assets (PNL) and Custodian Property Income REIT (CREI). Look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and includes a comprehensive summary of all the latest news. The content of that email is also available for subscribers via the website. A subscription costs £12 a month, or £120 for one year with a two week free trial.

255: Jonathan Simpson-Dent


0:00:24 – Introduction
0:01:14 – Reaction to the outcome of the Saba votes
0:04:03 – The two upcoming votes for EWI and their own proposition
0:06:09 – The trust’s performance and how Saba built its stake
0:12:29 – The trust’s manager
0:14:02 – Limits to patient capital
0:16:03 – A short break
0:16:56 – The share capital
0:18:47 – What happens if Saba is defeated?
0:22:26 – Trading at a discount
0:24:43 – The right personnel?
0:26:12 – The global smaller companies mandate
0:29:49 – The retail investor base
0:34:50 – Close
Recorded on 04 February 2025 and edited on 05 February 2025 when five of the seven trusts to hold meetings had voted conclusively to reject Saba’s propositions. Later on 5 February, the sixth trust also voted against Saba. The vote for EWI will be the last of the seven and is due to be held on 14 February.

256: Matt Hose


0:00:24 – Introduction
0:01:10 – The cut in interest rates
0:01:53 – General outlook for the alternatives sector
0:03:52 – The persistence of the current situation
0:04:52 – Changes to business models
0:07:42 – Driving consolidation in the sector
0:08:44 – Going up the risk profile
0:10:14 – Continuation votes
0:13:00 – The reaction speed of boards
0:13:43 – A short break
0:14:38 – Private equity
0:16:48 – Conversations with investors
0:18:53 – Battery storage
0:20:56 – Digital infrastructure
0:22:38 – Growth capital sector
0:25:24 – Close
Recorded: 06 February 2025.
About Money Makers

We are an editorially independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our more than 250 podcasts in the over four years since launch.

Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

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Money Makers podcast: 03 Feb 2024

In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Matt Hose, alternative assets analyst at Jeffries, and Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG).

You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Google, and others, including now the Money Makers YouTube channel. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the usual features, the Circle features a profile of Gore Street Energy Storage (GSF). Future profiles include Schroder UK Mid Cap (SCP) and J.P.Morgan Indian (JII). Remember to look out for the latest edition of our new expanded weekly subscriber email which summarises Jonathan’s latest thoughts and all the regular features available in the Circle. The content of that email is also available for subscribers via the website. A subscription costs £8 a month, or a modest £2 a week.

Interest rate hold disappointment

00:39 – Review of the week
04:02 – This week’s guests
04:47 – Money Makers Circle
06:21 – Corporate news and announcements
08:05 – Q&A with Matt Hose

08:40 – The current direction and outlook
10:57 – Cost disclosure
11:46 – General infrastructure sector
18:28 – Renewable infrastructure sector
24:04 – Battery storage
26:32 – Listed private equity
30:46 – Growth capital
32:09 – Shipping
33:18 – Hipgnosis Songs Fund (SONG)
35:42 – Summing up

36:16 – Q&A with Peter Hewitt

36:32 – The current situation
40:38 – Ratings difference between equities and alternatives
42:13 – Commercial property vs infrastructure and renewables
43:46 – Concerns about dividend cuts
49:29 – Income portfolio yield
52:35 – Hipgnosis Songs Fund (SONG)
55:35 – Scotland in the Rugby

57:50 – Close

Trusts mentioned in this week’s podcast (with tickers) include:

  • Gore Street Energy Storage (GSF)
  • Harmony Energy Income Trust (HEIT)
  • Gresham House Energy Storage (GRID)
  • Vietnam Enterprise (VEIL)
  • J.P.Morgan American (JAM)
  • Baillie Gifford China Growth (BGCG)
  • HarbourVest Global Private Equity (HVPE)
  • Digital 9 Infrastructure (DGI9)
  • HICL Infrastructure (HICL)
  • International Public Partnerships (INPP)
  • Sequoia Economic Infrastructure (SEQI)
  • BBGI Global Infrastructure (BBGI)
  • 3i Infrastructure (3IN)
  • Pantheon Infrastructure (PINT)
  • Cordiant Digital Infrastructure (CORD)
  • Greencoat UK Wind (UKW)
  • Foresight Solar Fund (FSFL)
  • Aquila European Renewables (AERS)
  • NextEnergy Solar Fund (NESF)
  • JLEN Environmental Assets (JLEN)
  • Bluefield Solar Fund (BSIF)
  • Pantheon International (PIN)
  • Chrysalis (CHRY)
  • Schiehallion (MNTN)
  • RTW Biotech Opportunities (RTW)
  • Syncona (SYNC)
  • Taylor Maritime (TMI)
  • Tufton Oceanic (SHIP)
  • Hipgnosis Songs Fund (SONG)
  • Impact Healthcare REIT (IHR)
  • HgCapital (HGT)
  • Oakley Capital Investments (OCI)
  • ICG Enterprise (ICGT)
  • Apax Global Alpha (APAX)
  • NB Private Equity (NBPE)
  • Henderson Smaller Companies (HSL)
  • Mercantile (MRC)
  • Aberforth Smaller Companies (ASL)
  • Fidelity Special Values (FSV)
  • Law Debenture (LWDB)
  • Lowland Investment (LWI)
  • Aurora Investment Trust (ARR)

About Money Makers

We are an editorially independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our over 190 podcasts in the more than three years since launch.

Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

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Money Makers podcast: 07 Oct 2023

In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG), and Matt Hose, alternative assets analyst at Jeffries. We are grateful for the support of J.P. Morgan Asset Management, which enables us to keep the podcast free.

You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Google, and others, including now the Money Makers YouTube channel.

If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the regular features, the Circle features a profile of Templeton Emerging Markets (TEM). Future profiles coming soon include International Public Partnerships (INPP) and City of London (CTY). A subscription costs £8 a month, or a modest £2 a week.

Global government bond yields reach new highs

0:00:44 – Review of the week
0:04:39 – This week’s guest
0:05:09 – Money Makers Circle
0:05:43 – Corporate news and announcements
0:10:13 – Summary of results
0:16:23 – Q&A with Peter Hewitt

0:16:50 – General developments in the markets
0:20:07 – Is the bond market normally right?
0:23:25 – The portfolio and its themes
0:39:49 – The income class
0:40:37 – Consolidation
0:41:49 – Scotland in the Rugby World Cup

0:39:01 – Q&A with Matt Hose

0:39:09 – Bond market fallout
0:43:52 – Private equity sector
0:48:03 – Infrastructure trusts
0:50:09 – Renewables trusts
0:53:16 – Hipgnosis Songs Fund (SONG)
0:57:33 – Looking ahead

1:00:20 – Close

Trusts mentioned in this week’s podcast (with tickers) include:

  • Henderson High Income (HHI)
  • Henderson Diversified Income (HDIV)
  • Pershing Square Holdings (PSH)
  • Rockwood Strategic (RKW)
  • Miton UK MicroCap (MINI)
  • ICG Longbow (LBOW)
  • Edinburgh Investment Trust (EDIN)
  • Octopus Renewables Infrastructure Trust (ORIT)
  • Aquila European Renewables (AERS)
  • Foresight Solar Fund (FSFL)
  • Downing Renewables and Infrastructure (DORE)
  • Ruffer Investment Company (RICA)
  • Pacific Horizon (PHI)
  • Caledonian (CLDN)
  • ICG Enterprise (ICGT)
  • North American Income Trust (NAIT)
  • Baillie Gifford China Growth (BGCG)
  • Pantheon International (PIN)
  • Oakley Capital Investments (OCI)
  • HgCapital Trust (HGT)
  • NB Private Equity (NBPE)
  • Apax Global Alpha (APAX)
  • Polar Capital Technology (PCT)
  • Allianz Technology Trust (ATT)
  • Supermarket Income REIT (SUPR)
  • Assura (AGR)
  • Civitas Social Housing (CSH)
  • Urban Logistics REIT (SHED)
  • Mid Wynd International (MWY)
  • Greencoat UK Wind (UKW)
  • 3i Group (III)
  • Literacy Capital (BOOK)
  • BBGI Global Infrastructure (BBGI)
  • International Public Partnerships (INPP)
  • HICL Infrastructure (HICL)
  • The Renewables Infrastructure Group (TRIG)
  • Hipgnosis Songs Fund (SONG)

About Money Makers

We are an independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our nearly 180 podcasts in the more than three years since launch.

Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

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Money Makers podcast: 20 May 2023

In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Matt Hose, alternatives analyst at Jefferies.

You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Stitcher and others.

If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the regular features, the Circle features a profile of JPMorgan American (JAM). Next week, the Circle will feature a profile of Abrdn Property Income (API), as well as a guest column from financial historian Edward Chancellor about private equity. A subscription costs £8 a month, or a modest £2 a week.

Concerns remain over a potential US debt default

00:29 – Coming up
02:11 – The markets this week
09:45 – Money Makers Circle
10:28 – Annual results
11:59 – Interim results
15:46 – Q&A with Matt Hose

15:54 – Scottish Mortgage Trust (SMT)
23:36 – Private equity
24:32 – HG Capital Trust (HGT)
26:29 – Growth capital sector
27:34 – Renewable energy sector
33:22 – Debt sector
35:12 – Looking ahead

36:41 – Close

Trusts mentioned in this week’s podcast (with tickers) include:

  • Abrdn European Logistics Income (ASLI)
  • Abrdn Japan (AJIT)
  • Nippon Active Value Fund (NAVF)
  • International Biotechnology Trust (IBT)
  • North American Smaller Companies (NAS)
  • JPMorgan Multi-Asset Growth & Income (MATE)
  • Finsbury Growth and Income (FGT)
  • Lowland Investment Company (LWI)
  • Abrdn Equity Income (AEI)
  • Scottish Oriental Smaller Companies (SST)
  • Tritax EuroBox (EBOX)
  • Scottish Mortgage Trust (SMT)
  • HG Capital Trust (HGT)
  • Abrdn Private Equity Opportunities (APEO)
  • HarbourVest Global Private Equity (HVPE)
  • Pantheon International (PIN)
  • 3i Group (III)
  • Oakley Capital Investments (OCI)
  • Schiehallion (MNTN)
  • Chrysalis (CHRY)
  • Gresham House Energy Storage (GRID)
  • NextEnergy Solar Fund (NESF)
  • Foresight Solar Fund (FSFL)
  • Starwood European (SWEF)
  • NB Monthly Income Fund (NBMI)
  • VPC Specialty Lending (VSL)

About Money Makers

We are an independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our nearly 160 podcasts in the more than three years since launch.

Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

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Money Makers podcast: 21 Jan 2023

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Matt Hose, alternative assets analyst at the investment bank Jefferies, and Stuart Widdowson, manager of the Odyssean Investment Trust (OIT).

You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Stitcher and others.

If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the regular features, the Circle features a profile of Oakley Capital Investments (OCI), and Jonathan summarises his notes from the Winterflood Annual Investment Trusts Conference. A subscription costs £8 a month, or a modest £2 a week.

An up and down week

00:13 – Introducing this week’s guests
00:51 – Review of the week
02:53 – Money Makers Circle highlights
03:43 – Q&A with Matt Hose

03:52 – Looking back at 2022
05:05 – Impact of rising bond yields
10:59 – Private equity valuations
13:18 – Comparing lags in reporting for renewables and infrastructure
14:12 – Recent alternatives performance
15:52 – Which sector has been worst affected for derating?
17:03 – Windfall tax on UK renewable energy trusts
18:12 – Comparing yields across the three major alternative sectors
19:22 – Funding and secondary issuance
22:03 – Octopus Renewables Infrastructure Trust (ORIT)
24:14 – Conflicts of interest in renewable energy trusts?
25:18 – Sector sensitivities to bond yields or gilts
27:53 – The latest IPO
28:41 – Overview of the debt sector
30:56 – The growth equity sector
32:04 – Client views and outlook for the upcoming year

33:53 – Q&A with Stuart Widdowson

34:34 – Reflections on the year just gone
37:53 – Funding and share issuance
38:31 – Will a larger size change what Odyssean does?
39:57 – The UK equity market today
44:29 – Impact of the dollar and international exchange rates
45:57 – Risks – including a ‘Dash for Trash’
47:14 – Why not use more gearing?
48:01 – Changes to the portfolio
52:17 – Prognosis for the year

54:30 – Close

 

Trusts mentioned in this week’s podcast (with tickers) include:

  • BH Macro (BHMG)
  • Smithson Investment Trust (SSON)
  • Civitas Social Housing (CSH)
  • Triple Point Social House (SOHO)
  • Home REIT (HOME)
  • Baker Steel Resources Trust (BSRT)
  • HarbourVest Global Private Equity (HVPE)
  • Pantheon International (PIN)
  • Abrdn Private Equity Opportunities (APEO)
  • NB Private Equity Partners (NBPE)
  • Oakley Capital Investments (OCI)
  • Octopus Renewables Infrastructure Trust (ORIT)
  • Hipgnosis Songs Fund (SONG)
  • Starwood European Real Estate Finance (SWEF)
  • NB Global Monthly Income (NBMI)
  • VPC Speciality Lending (VSL)
  • Chrysalis Investments (CHRY)
  • Schiehallion Fund (MNTN)

About Money Makers

We are an independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our over 140 podcasts in the more than two and a half years since launch.

Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

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Money Makers podcast: 17 Sep 2022

Jonathan Davis, editor of the Investment Trusts Handbook, is joined in this week’s edition of the Money Makers Weekly Investment Trust podcast by Nick Greenwood, manager of the MIGO Global Opportunities Trust and Matt Hose, alternative assets analyst at Jefferies.

Next week, the podcast takes a break while Jonathan is on holiday but it will return on 01 October.

You can listen to this week’s two podcasts in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Stitcher and others.

We are aware of an issue that affected delivery of last week’s podcasts to some listeners who subscribe via Apple Podcasts and we apologise for the inconvenience. Should you experience any difficulty accessing the podcast through your usual channel, the latest edition of the podcast is always available at the Money Makers website.

If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook.

A subscription costs £8 a month, or a modest £2 a week.

A down week as the UK pushes for growth

00:40 – Summarising the week
03:25 – Money Makers Circle
03:47 – A discussion with Nick Greenwood
32:23 – Results and corporate news highlights this week
36:23 – A discussion with Matt Hose
54:17 – Close

Trusts mentioned in this week’s podcast (with tickers) include:

  • The Sustainable Farmland Trust
  • Independent Living REIT
  • Pantheon Infrastructure (PINT)
  • Third Point Investors (TPOU)
  • Baker Steel Resources Trust (BSRT)
  • Dunedin Enterprise (DNE)
  • Chrysalis Investments (CHRY)
  • Macau Property Opportunities Fund (MPO)
  • Georgia Capital (CGEO)
  • VinaCapital Vietnam Opportunity Fund (VOF)
  • Greencoat UK Wind (UKW)
  • The Renewables Infrastructure Group (TRIG)
  • International Public Partnerships (INPP)
  • Digital 9 Infrastructure (DGI9)
  • Hipgnosis Songs Fund (SONG)
  • Round Hill Music Royalty Fund (RHM)

About Money Makers

We are an independent research and publishing venture committed to providing high-quality investment information and resources. You can sign up below to be notified about the latest podcasts by email as soon as they become available.  Please note that the podcasts should not be regarded as personal financial advice, but are provided for information and background only. We are very grateful for your continued support and the enthusiastic response to our over 120 podcasts in the more than two years since launch.

Disclosures about the editor’s personal holdings of investment trusts can be found here. Our podcasts are also available on the Association of Investment Companies website (www.theaic.co.uk) and Doceo (doceo.tv). The producer of the podcasts is the brilliant Ben Gamblin – more details on him here.

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